Core Projects raises $75 million through FCCB issue

Core Projects & Technologies Ltd has announced that the Company had on April 15, 2010 launched and priced FCCBs for an aggregate amount of USD 60 million (with an additional upsize option of USD 15 million granted to the Sole Bookrunner being Standard Chartered Bank). The Company has informed that, the upsize option of USD 15 million has been exercised by the Sole Bookrunner.

Further the Company has informed that, the duly constituted FCCB committee of the Board of the Directors of the Company at its meeting held on May 06, 2010 approved the issuance and allotment of the FCCBS for an amount of USD 75 million to the investors in accordance with the terms of the offering and the applicable, laws and regulations.

The FCCBs having a maturity of 5 years and 1 day are convertible at an initial conversion price of Rs. 271.80 per share (to be adjusted from time to time, as may be applicable). The issue of FCCBs is subject to customary closing conditions.

The stock was trading at Rs.251, down by Rs.0.70 or 0.28%. The stock hit an intraday high of Rs.258.40 and low of Rs.251.

The total traded quantity was 54044 compared to 2 week average of 428774.

Source : Equity Bulls

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